Assurant Reports Fourth Quarter 2023 and Full-Year 2023 Financial Results
Monday, February 12th, 2024
Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects and connects major consumer purchases, today reported results for the fourth quarter and full year ended December 31, 2023.
"We are pleased with our exceptionally strong results in 2023, representing Assurant’s seventh consecutive year of profitable growth. Our success was driven by our intense focus on strategic, financial and operational outperformance, allowing us to strengthen our competitive positioning across our global businesses and ultimately create meaningful shareholder value," said Assurant President and CEO Keith Demmings.
"We expect earnings growth to continue into 2024 as we enter the year from a position of strength. Our targeted investments in our talent, technology and product innovation continue to strengthen our client partnerships and attract key prospects across the globe. This momentum, combined with an unwavering focus on operational excellence, position us well to deliver on our financial objectives," Demmings added.
Note: The metrics included within the company’s outlook are non-GAAP financial measures and the company believes that it cannot, without unreasonable efforts, forecast certain information needed to reconcile to the GAAP measures, the probable significance of which cannot be determined. More information can be found in the Non-GAAP Financial Measures section.
|
(Unaudited) |
Q4'23 |
|
Q4'22 |
|
Change |
|
12M'23 |
|
12M'22 |
|
Change |
|
$ in millions, except per share data |
|
|
|
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|
||||||
|
GAAP net income |
182.5 |
|
68.1 |
|
168% |
|
642.5 |
|
276.6 |
|
132% |
|
Adjusted EBITDA1 |
360.8 |
|
274.2 |
|
32% |
|
1,257.5 |
|
956.2 |
|
32% |
|
Adjusted EBITDA, ex. reportable catastrophes2 |
382.4 |
|
296.3 |
|
29% |
|
1,369.3 |
|
1,128.3 |
|
21% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per diluted share |
3.42 |
|
1.27 |
|
169% |
|
11.95 |
|
5.05 |
|
137% |
|
Adjusted earnings per diluted share3 |
4.58 |
|
3.23 |
|
42% |
|
15.49 |
|
11.13 |
|
39% |
|
Adjusted earnings, ex. reportable catastrophes, per diluted share4 |
4.90 |
|
3.56 |
|
38% |
|
17.13 |
|
13.61 |
|
26% |
Some of the metrics throughout this press release are non-GAAP measures of performance. A full reconciliation of each non-GAAP measure to the most comparable GAAP measure can be found in the Non-GAAP Financial Measures section.
Full Year 2023 Summary
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GAAP net income increased 132 percent to $642.5 million, compared to the prior year period, while net income per diluted share increased 137 percent to $11.95 versus the prior year period.
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Adjusted EBITDA, excluding reportable catastrophes2, increased 21 percent to $1,369.3 million, or 22 percent on a constant currency basis5.
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Adjusted earnings, excluding reportable catastrophes, per diluted share4, increased 26 percent to $17.13.
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Holding company liquidity was $606 million; returned $352 million to shareholders via share repurchases and common stock dividends.
2024 Outlook
The company expects:
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Adjusted EBITDA, excluding reportable catastrophes6, to increase mid-single-digits, driven by both Global Lifestyle and Global Housing, at similar growth rates
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Adjusted earnings, excluding reportable catastrophes, per diluted share6, growth rate to be modestly lower than the growth rate in Adjusted EBITDA, excluding reportable catastrophes, primarily reflecting an increase in depreciation expense from strategic technology investments.
